English Wikipedia - The Free Encycl...
Download this dictionary
Engel's law
Engel's law
is an observation in
economics
stating that as income rises, the
proportion
of income spent on food falls, even if
actual
expenditure on food rises. In other words, the
income elasticity of demand
of food is between 0 and 1.
See more at Wikipedia.org...
© This article uses material from
Wikipedia
®
and is licensed under the
GNU Free Documentation License
and under the
Creative Commons Attribution-ShareAlike License